Answer:
$230,400
Explanation:
Rectangle Corporation
Income Statement for the year ended December 31, 2019
$ $
Consulting fees revenue 600,000
Less Expenses :
Advertising expense 120,000
Rent expense 70,200
Supplies expense 101,400
Income tax expense 78,000 (369,600)
Net Income 230,400
Conclusion :
The net income reported by Circle Corporation for the year ended December 31, 2019 was $230,400
Not yet answered Marked out of 1.00 Flag question The accounting records of Slattery Corporation, a small manufacturing company, show the following balances for the fiscal year ending December 31, 2019: Sales revenue $3,425,000 Selling expense $782,000 Research and development 96,400 Gain on sale of bonds 20,300 Interest income 18,400 Cost of goods sold 1,611,000 Restructuring costs 112,000 General and administrative expense 585,700 Interest expense 32,000
The restructuring costs were incurred as a result of one-time changes in raw materials management. Slattery prepares multiple-step income statements. Use 25% as the tax rate.
Slattery Corporation's Net income for 2019 equals_______.
Select one:
a. $267,450
b. $334,725
c. $262,425
d. $183,450
e. $244,600
Answer:
The correct option is d. $183,450.
Explanation:
The multiple-step income statement can be described as an income statement that shows gross profit which is net sales revenue minus the cost of goods sold, and separates an organization's operating revenues and operating expenses from its nonoperating revenues, nonoperating expenses, gains, and losses.
The multiple-step income statement is different from a single-step income statement which only employs just one equation to determine profits by simply deducting total revenue from total expenses.
Slattery Corporation's Net income for 2019 can be determined by preparing its Multi-Step Income Statement for 2019 as follows:
Slattery Corporation
Multi-Step Income Statement
For the Year Ended December 31, 2019
Particulars $ $
Sales revenue 3,425,000
Cost of goods sold (1,611,000)
Gross profit 1,814,000
Operating expenses:
Selling expense (782,000)
General and administrative expense (585,700)
Total operating expenses (1,367,700)
Operating income 446,300
Other expenses and income:
Research and development (96,400)
Gain on sale of bonds 20,300
Interest income 18,400
Restructuring costs (112,000)
Interest expense (32,000)
Total other expenses and income (201,700)
Income before tax 244,600
Tax (Tax rate * Income before tax) 61,150
Net income 183,450
Therefore, the correct option is d. $183,450.
Employers must provide training and evaluation with employees?
Answer:
Usually. Depends on the type of job and country, state, region
Ashley Foods, Inc. has determined that any one of five machines can be used in one phase of its chili canning operation. The costs of the machines are estimated below, and all machines are estimated to have a 4-year useful life. If the minimum attractive rate of return is 20% per year, determine which machine should be selected on the basis of a rate or return analysis.
Answer:
Machine 1 should be selected
Explanation:
Note: This question is not complete. The complete question is therefore presented before answering the question as follows:
Ashley Foods, Inc. has determined that any one of five machines can be used in one phase of its chili canning operation. The costs of the machines are estimated below, and all machines are estimated to have a 4-year useful life. If the minimum attractive rate of return is 20% per year, determine which machine should be selected on the basis of a rate or return analysis.
Machine First Cost ($) AOC ($)
1 -31000 -16000
2 -29000 -19300
3 -34500 -17000
4 -49000 -12200
5 -41000 -15500
Note: AOC means annual operating cost.
The explanation of the answer can now be given as follows:
The machine that should be selected can be determined by comparing the present worth (PW) of the 5 machines to one another which can be calculated using the following formula :
PW = Co + (A * ((1 - (1 / (1 + r))^n) / r)) …………………………………. (1)
Where;
PW = Present worth of each machine
A = Annual operating cost of each machine
r = minimum attractive rate of return = 20%, or 0.20
n = useful life = 4
Using equation (1) and substituting the relevant values, we have:
PW of Machine 1 = -31000 + (-16000 * ((1 - (1 / (1 + 0.20))^4) / 0.20)) = -31000 + (-16000 * 2.58873456790123) = -31000 - 41,419.75 = -$72,419.75
PW of Machine 2 = -29000 + (-19300 * ((1 - (1 / (1 + 0.20))^4) / 0.20)) = -29000 + (-19300 * 2.58873456790123) = -29000 - 49,962.58 = -$78,962.58
PW of Machine 3 = -34500 + (-17000 * ((1 - (1 / (1 + 0.20))^4) / 0.20)) = -34500 + (-17000 * 2.58873456790123) = -34,500 - 44,008.49 = -$78,508.49
PW of Machine 4 = -49000 + (-12200 * ((1 - (1 / (1 + 0.20))^4) / 0.20)) = -49000 + (-12200 * 2.58873456790123) = -49,000 - 31,582.56 = -$80,582.56
PW of Machine 5 = -41000 + (-15500 * ((1 - (1 / (1 + 0.20))^4) / 0.20)) = -41000 + (-15500 * 2.58873456790123) = -49,000 - 40,125.39 = -$81,125.39
Since the PW of Machine 1 of -$72,419.75 is the least negative from the above calculations, Machine 1 should therefore be selected.
Donald Jackson invests $58,800 at 10% annual interest, leaving the money invested without withdrawing any of the interest for 10 years. At the end of the 10 years, Donald withdraws the accumulated amount of money.
Required:
a. Compute the amount Donald would withdraw assuming the investment earns simple interest.
b. Compute the amount Donald would withdraw assuming the investment earns interest compounded annually.
c. Compute the amount Donald would withdraw assuming the investment earns interest compounded annually.
Answer:
a. Compute the amount Donald would withdraw assuming the investment earns simple interest.
future value = $58,800 x [1 + (10% x 10)] = $117,600
b. Compute the amount Donald would withdraw assuming the investment earns interest compounded annually.
future value = $58,000 x (1 + 10%)¹⁰ = $152,512
c. Compute the amount Donald would withdraw assuming the investment earns interest compounded annually.
this is identical to (b) = $152,512
the advantage of compound interest is that previously earned interest, will earn interest by itself.
For each of the following separate transactions: Sold a building costing $39,000, with $23,600 of accumulated depreciation, for $11,600 cash, resulting in a $3,800 loss. Acquired machinery worth $13,600 by issuing $13,600 in notes payable. Issued 1,360 shares of common stock at par for $2 per share. Note payables with a carrying value of $41,800 were retired for $50,600 cash, resulting in a $8,800 loss. (a) Prepare the reconstructed journal entry. (b) Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows.
Answer:
Date General Journal Debit Credit
Cash $11,600
Accumulated dep - Building $23,600
Loss on sale of assets $3,800
Building $39,000
(To record sale of building)
Machinery $13,600
Note payable $13,600
(To record acquisition of machinery)
Cash $2,720
Common stock $2,720
(To record issuance of common stock)
Note payable $41,800
Loss on retiring of debt $8,800
Cash $50,600
(To record payment of cash to retire debt)
2. Cash flow from investing activities
Cash received from sale of building $11,600
Net cash provided by investing activities $11,600
Cash flow financing activities
Cash received from issuance of common stock $2,720
Cash paid to retire note $(50,600)
Net cash used by financing activities $(47,880)
An alumnus of West Virginia University wishes to start an endowment that will provide scholarship money of $40,000 per year beginning in year 5 and continuing indefinitely. The donor plans to give money now and for each of the next 2 years. If the size of each donation is exactly the same, the amount that must be donated each year at i = 8% per year is closest to:___.
a) $190.820.
b) $122.280.
c) $127.460.
d) $132.040.
Answer:
A
Explanation:
Present value of a perpetuality = amount / interest rate
= $40,000 / 0.08 = $500,000
Let D denote denote denotions
[tex]D + \frac{D}{1 + 0.8} + \frac{D}{1.08^{2} } = $500,000[/tex]
D = $190.820.
Miguel has raised $150 for the local charity, but he has kept $10.00 for himself. He believes no one will notice the missing money. This situation is an example of a lack of moral development in the:__________
A. conventional level.
B. postconventional level.
C. situational level.
D. preconventional level.
Answer:
The conventional level
While raising $150 for the neighborhood charity, Miguel also pocketed $10.00 for himself. He thinks nobody will notice the money is missing. This circumstance serves as an illustration of a lack of moral development .
What is meant by Moral Developement?Moral Development focuses on the emergence, change and understanding of morality from infancy through adulthood. Morality develops across a lifetime and is influenced by an individual's experiences and behavior when faced with moral issues through different periods of physical and cognitive development.Miguel has donated $50 to a local charity in one hand, but he has also saved $10 for himself. He thinks nobody will notice the money is missing. This situation serves as an illustration of a lack of moral growth in the conventional level at the conventional conventional level. Conventional reasoning involves evaluating the morality of actions in light of societal expectations and beliefs. The third and fourth moral development stages make up the customary level.To learn more about Moral Developement refer to:
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The price of peanut butter increases from $3.00 to $3.50 per jar, and the quantity of jelly demanded falls from 30 jars to 24 jars. Using the midpoint formula, calculate the cross-price elasticity of demand. Report your answer to two decimal places.
Answer:
the cross price elasticity of demand is -1.44
Explanation:
The computation of the cross price elasticity of demand is shown below:
= Percentage change in quantity demanded ÷ Percentage change in price
where
Percentage change in quantity demanded is
= (Q2 - Q1) ÷ (Q2 + Q1) ÷ 2
= (24 - 30) ÷ (24 + 30) ÷ 2
= -6 ÷ 27
= -0.2222
And, the percentage change in price is
= (P2 - P1) ÷ (P2 + P1) ÷ 2
= ($3.50 - $3) ÷ ($3.50 + $3) ÷ 2
= $0.50 ÷ $3.25
= 0.1538
So, the cross price elasticity of demand is -1.44
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $2,900,000. The bonds pay interest semiannually. The market rate of interest is 10.0% and the bond selling price was $2,702,942. The bond issuance should be recorded as:____________
a) Debit Cash $2,900,000; credit Bonds Payable $2,900,000.
b) Debit Cash $2,702,942; credit Bonds Payable $2,702,942.
c) Debit Cash $2,900,000; credit Bonds Payable $2,702,942; credit Discount on Bonds Payable $197,058.
d) Debit Cash $2,702,942; debit Discount on Bonds Payable $197,058; credit Bonds Payable $2,900,000.
e) Debit Cash $2,702,942; debit Interest Expense $197,058; credit Bonds Payable $2,900,000.
Answer:
d)
Dr Cash 2,702,942
Dr Discount on bonds payable 197,058
Cr Bonds payable 2,900,000
Explanation:
The bonds payable represents the face value of the bonds. On the other side, you have to register the cash that was received, and the difference is the discount on bonds payable. if the bonds are sold at a premium, then the amount of cash would be higher, and the difference between the cash and the bonds payable would equal premium on bonds.
Do you believe that the advantages accrued from specialization are lost or diminished when individuals from different specialties are put together on a team? Discuss.
Answer:
Regarding the question of specialization benefits being lost or reduced when people are put together from various specialties, I believe that NO will not diminish the effectiveness of the group. Specialization of work activities is the degree to which duties in an organization are broken down.
Explanation:
The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase of materials in April. If an amount box does not require an entry, leave it blank. a. Materials fill in the blank 0405c7fed078fd8_2 fill in the blank 0405c7fed078fd8_3 Accounts Payable fill in the blank 0405c7fed078fd8_5 fill in the blank 0405c7fed078fd8_6 b. Journalize the entry to record the requisition of materials in April. If an amount box does not require an entry, leave it blank. b. fill in the blank 6c73b5f42041fa9_2
Answer:
Note: The missing question is attached as picture
a. Accounts title & Explanations Debit$ Credit$
Material inventory 641,200
($122,700+$170,600+$336,200+$11,700)
Accounts payable 641,200
(For material purchased on account)
Note: Both, Direct material and Indirect material is included in Materials
b. Accounts title & Explanations Debit$ Credit$
Work in process inventory 652,300
($233,700+$211,300+$136,200)
Manufacturing Overheads 6,100
Material inventory 658,400
(For material issued for production both as direct and indirect material)
Note: Requisition of direct materials are charged to WIP and requisition of indirect materials forms part of factory overhead.
paid $1,300 towards principal of the notes payable
What is the credit and debit for this?
An important corporate-level strategic decision is whether to pursue diversification, which involves moving into new lines of business. This activity is important because diversification is one of the key ways that companies grow revenues and/or reduce risks. The goal of this exercise is to challenge your knowledge of the different forms of diversification For each company example, select the type of diversification the statement best represents.
1. Luxury fashion brand Coach, Inc. acquired Kate Spade New York-another luxury fashion and lifestyle brand-in 2017. (Click to select)
2. Fast fashion retail giant, Zara is able to get designs from the catwalk to the retail store at incredible speeds. Zara can do this because it has acquired most of its supply chain, including designers, manufacturers, and distributors. Click to select)
3. Clorox Company, best known for bleach and cleaning products, purchased Burt's Bees, best known for its natural beauty and personal care products, in 2007 Click to select)
4. In 2018, Novartis, a Swiss multinational pharmaceutical company, acquired Avexis, a clinical stage gene therapy company (Click to select)
5. In the 1930s, Mars Incorporated (maker of Snickers and other popular candies) purchased Chappell Brothers canned dog food company. Much of Mars' business today comes from pet food brands such as Whiskas and Pedigree. In 2017, Mars acquired VCA, a company that owns hundreds of dog day care facilities and animal hospitals, to add to its Mars Petcare portfolio Click to select)
6. In 2018, Boeing aerospace company announced its plans to buy KLX, a company that distributes aerospace fasteners and consumables Click to select)
1. Luxury fashion brand Click to select Vertical integration Unrelated diversification Related diversification (Click to select)
3. Clorox Companv. best
Answer:
1. Related diversification
2. Vertical diversification
3. Unrelated diversification
4. Related diversification
5. Unrelated diversification
6. Vertical diversification
Explanation:
Types of Diversification:
Vertical diversification: involves the addition or integration of new complementary products and services. It looks like a forward and backward expansion.
Unrelated diversification: this involves entering into new related markets or adding unrelated products.
Related diversification: involves entering into a new business or market that is the same or related industry.
Consider a competitive market for a consumer product. Suppose this product goes out of fashion with consumers. How will this sudden drop in popularity affect the profit of an individual firm in this market in the long run?
A The profnt of an individual firm increases from a smaller positive value to a larger positive value in the long run.
B. The profht of an individual firm increases from zero to a positive value in the long run.
C. The profit of an individual firm decreases from zero, and the firm will incur a loss in the long run.
D. The profit of an individual firm stays at zero in the long run.
Answer:
The profit of an individual firm stays at zero in the long run.
If a product goes out of fashion in a competitive market, the result would be that D. The profit of an individual firm stays at zero in the long run.
A competitive market is characterized by:
No barriers to entry which means sellers can come in and leave at will Prices are the same for all sellersIf a product went out of fashion, companies would start making losses and less people would be buying the product. This would lead to some suppliers leaving the market till only a few are left.
This will lead to the price rising. If profits become more than zero, companies will come back into the market to make that profit. The increased supply would reduce the price again. The profit will then go to zero. This will keep happening thereby leaving the profit at zero in the long run.
We can therefore conclude that when a product goes out of fashion, profits will be zero for an individual firm in the long run.
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Government-wide statements report on assets and liabilities that are denied recognition on funds statements. Entrepreneurs Consultants, a state agency, was estab- lished to provide consulting services to small businesses. It maintains only a single general fund and accounts for its activities on a modified accrual basis. During its first month of operations, the association engaged in, or was affected by, the following transactions and events:
1. It received an unassigned grant of $100,000.
2. It purchased five computers at $2,000 each.
3. It paid wages and salaries of $6,000.
4. Itborrowed$24,000fromabanktoenableittopurchase an automobile. It gave the bank a long-term note.
5. It purchased the automobile for $24,000.
6. It made its first payment on the note—interest of $200.
7. It destroyed one of its computers in an accident. The computer was not insured.
a. Prepare journal entries in the general fund to record each of the transactions or other events.
b. Prepare a balance sheet and a statement of revenues and expenditures for the general fund.
c. Prepareagovernment-widestatementofnetposition (balance sheet) and statement of activities. These should be on a full accrual basis. Assume that the capital assets have a useful life of five years and that no depreciation is to be charged on the computer that was destroyed.
Answer:
1. Cash (Dr.) $100,000
Unassigned grant (Cr.) $100,000
2. Computers (Dr.) $10,000
Cash (Cr.) $10,000
3. Salaries and Wages (Dr.) $6,000
Cash (Cr.) $6,000
4. Cash (Dr.) $24,000
Long term bank loan - Notes payable (Cr.) $24,000
5. Automobile (Dr.) $24,000
Cash (Cr.) $24,000
6. Interest Expense (Dr.) $200
Cash (Cr.) $200
7. no entry
Explanation:
Balance Sheet
Assets:
Cash $90,000
Computer $10,000
Automobile $24,000
Total Assets $124,000
Liabilities:
Notes Payable $24,000
Equity:
Grant Received $100,000
Total Equity and Liability $124,000
Your company is about to undertake a major investment project. The project will require an initial outlay of $100 million for fixed assets plus another $50 million for working capital. Tax authorities will allow you to depreciate the fixed assets on a straight-line basis over four years to a salvage value of zero. In fact, however, you expect that you can sell the fixed assets for $25 million at the end of Year 4. You also expect that you can recover your working capital at its book value at that time. You expect that the project will generate $60 million in revenue and $30 million in cash operating expenses (excluding depreciation) during each of the next four years. The corporate tax rate is 40%.
A) What are the cash flows for each year of the project’s life that you would use in conducting an NPV analysis of the project?
B) If the cost of capital is 10%, what is the project’s NPV?
C) What is the minimum price at which you could sell the fixed assets at the end of Year 4 in order for the project to be just acceptable?
Answer:
A) initial outlay = $150 million
Cash flow year 1 = [($30 - $25) x 0.6] + $25 = $28
Cash flow year 2 = [($30 - $25) x 0.6] + $25 = $28
Cash flow year 3 = [($30 - $25) x 0.6] + $25 = $28
Cash flow year 4 = [($30 - $25) x 0.6] + $25 + ($25 x 60%) + $50 = $93
B) Using a financial calculator, NPV = -$16.85 million
C) cash flow year 4 should increase by $24.667 million, meaning that the selling price must increase by $$24.667/0.6 = $41.11 million
minimum selling price $25 + $41.11 = $66.11 million
Today, you borrowed $12,200 on your credit card to purchase some furniture. The interest rate is 16.8 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $190?
a. 13.7 years
b. 15.2 years
c. 14.5 years
d. 16.9 years
Answer:
13.7 years
Explanation:
Various financial data for SunPath Manufacturing for 2019 and 2020 follow. 2019 2020 Output: Sales $ 300,000 $ 330,000 Inputs: Labor 40,000 43,000 Raw Materials 45,000 51,000 Energy 10,000 9,000 Capital Employed 250,000 262,000 Other 2,000 6,000 What is the percentage change in the energy partial productivity measure for SunPath between 2019 and 2020
Answer:
22.20%
Explanation:
Energy Productivity Ratio 2019 = 300,000 / 10,000 = 30
Energy Productivity Ratio 2020 = 330,000 / 9,000 = 36.66
The percentage change = (36.66-30)/30 * 100
The percentage change = 0.222 * 100
The percentage change = 22.20%
So, the percentage change in the energy partial productivity measure for SunPath between 2019 and 2020 is 22.20%
A company's income statement showed the following: net income, $115,000; depreciation expense, $30,500; and gain on sale of plant assets, $4,500. An examination of the company's current assets and current liabilities showed the following changes accounts receivable decreased $9,500; merchandise inventory increased $18,500; prepaid expenses increased $6,300; accounts payable increased $3,500. Calculate the net cash provided or used by operating activities.
Answer:
$129,200
Explanation:
Cash flow from Operating activities
net income, $115,000
adjust for non cash items :
depreciation expense, $30,500
gain on sale of plant assets, ($4,500)
adjust for changes in working capital :
decrease in accounts receivable $9,500
increase in merchandise inventory ($18,500)
increase in prepaid expenses ($6,300)
increase in accounts payable $3,500
Cash flow from Operating Activities $129,200
How can emotions affect attitudes and behaviour at workplace
Emotions shape an individual's belief about the value of a job, a company, or a team. Emotions also affect behaviors at work. Research shows that individuals within your own inner circle are better able to recognize and understand your emotions.
Data concerning Kardas Corporation's single product appear below: Per Unit Percent of Sales Selling price $ 140 100% Variable expenses 28 20% Contribution margin $ 112 80% The company is currently selling 8,000 units per month. Fixed expenses are $719,000 per month. The marketing manager believes that a $20,000 increase in the monthly advertising budget would result in a 180 unit increase in monthly sales. What should be the overall effect on the company's monthly net operating income of this change
Answer:
If the marketing increase by $20,000; the net income will increase by $160.
Explanation:
First, we need to calculate the current net income:
Net income= total contribution margin - fixed costs
Net income= 8,000*112 - 719,000
Net income= $177,000
Now, the net income with the changes incorporated:
New net income= 8,180*112 - (719,000 + 20,000)
New net income= $177,160
If the marketing increase by $20,000; the net income will increase by $160.
Flynn Industries has three activity cost pools and two products. It estimates production 2,000 units of Product BC113 and 1,000 of Product AD908. Having identified its activity cost pools and the cost drivers for each pool, Flynn accumulated the following data relative to those activity cost pools and cost drivers.
Estimated Use of
Annual Overhead Data Cost Drivers per Product
Estimated
Activity Cost Cost Estimated Estimated Use of Product Product
Pools Drivers Overhead Cost Drivers BC13 AD908
Per Activity
Machine setup Setups $21,500 43 22 21
Machining Machine hours 101,430 4,830 1,190 3,640
Packing Orders 34,020 540 110 430
Using the above data, do the following:
A) Prepare a schedule showing the computations of the activity-based overhead rates per cost driver.
B) Prepare a schedule assigning each activity's overhead cost to the two products.
C) Compute the overhead cost per unit for each product.
D) Comment on the comparative overhead cost per product.
Answer:
Flynn Industries
A) A) Schedule of Overhead cost rates per cost driver:
Setup $21,500 43 = $500 ($21,500/43) per setup
Machine hours 101,430 4,830 = $21 ($101,430/4,830) per m.hour
Orders 34,020 540 = $63 ($34,020/540) per order
B) Schedule assigning overhead costs to the two products:
Rates Product BC113 Product AD908
Setup $500 $11,000 ($500 * 22) $10,500 ($500 * 21)
Machine hours $21 24,990 ($21 * 1,190) 76,440 ($21 * 3,640)
Orders $63 6,930 ($63 * 110) 27,090 ($63 * 430)
Total overheads $42,920 $114,030
Estimated production 2,000 1,000
C) Overhead cost per unit $21.46 ($42,920/2,000) $114.03 ($114,030/1,000)
D) With activity-based costing, despite the fact that Product BC113 has 2,000 units, it has the least total overhead costs assigned to it, while AD908 with 1,000 units was allocated more overhead costs. This situation is caused by the different usage or consumption of activities by the two products.
Explanation:
a) Data and Calculations:
Product lines Product BC113 Product AD908
Estimated production (units) 2,000 1,000
Activity Pools Cost drivers Overhead Usage BC13 AD908
Machine setup Setups $21,500 43 22 21
Machining Machine hours 101,430 4,830 1,190 3,640
Packing Orders 34,020 540 110 430
Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $19,200. The bank reconciliation for the period showed an adjustment for a deposit in transit of $1,850, outstanding checks of $2,700, a NSF check of $1,400, bank service charges of $65 and the EFT from a customer in payment of the customer's account of $2,200. What was the cash balance on the Egrane's books (before the adjustments for items on the bank reconciliation)
Answer:
the cash balance is $17,615
Explanation:
The computation of the cash balance before the adjustment is shown below:
= Ending cash balance + deposit in transit - oustanding checks + NSF + bank service charges - payment
= $19,200 + $1,850 - $2,700 + $1,400 + $65 - $2,200
= $17,615
hence, the cash balance is $17,615
On January 1, 2021, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $265,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:
Year Ended December 31 Inventory year end costs Cost index(relative to base year)
2021 $340,000 1.02
2022 350,000 1.06
2023 400,000 1.07
2024 430,000 1.10
Required:
Calculate inventory amounts at the end of each year.
Answer:
Avondale Lumber
Rebasing the Inventory at year-end using the dollar-value LIFO inventory method:
Year Ended Inventory year Cost index Inventory Amount
December 31 end costs (relative to base year) at year-end
2021 $340,000 1.02 $333,333
2022 350,000 1.06 $330,189
2023 400,000 1.07 $373,832
2024 430,000 1.10 $390,909
Explanation:
a) Data:
Year Ended Inventory year Cost index
December 31 end costs (relative to base year)
2021 $340,000 1.02
2022 350,000 1.06
2023 400,000 1.07
2024 430,000 1.10
b) The inventory at year-end costs is rebased using the cost index that is relative to the base year, by dividing the inventory costs by the cost index.
Daria plans to retire in 20 years and wants to know how much she will need to have in her account when she retires. She wants to be able to withdraw $5,000 per month for 25 years of retirement, and she expects her account to earn a nominal rate of 9 percent per year. Round to the nearest cent. Do not include any unit (If your answer is $111.11, then type 111.11 without $ sign.)
We know that she has 20 years left until she retire
We need to find the amount she have to save and add to her saving per year for the the next 20 years.
Given she wants to be able to withdraw $5000 per month for 25 years
25 years = 300 months
$5,000 x 300 months = $1,500,000
she will needs one million and five hundred thousand dollars when she retire
Let's say she just started saving
Daria needs to have present value of the annuity of 25 years, PV is then calculated using the PV function as follows:
=PV(rate,nper,pmt)
=PV(9%/12,12*25,5000)
=595808.11
The present value should be 595808.11.
Calculation of the present value:Given that,
The 25 years = 300
The rate is = 9% /12
PMT = $5,000
Now the following formula should be used.
=PV(rate,nper,pmt)
=PV(9%/12,12*25,5000)
=595808.11
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In 2009, Khalid was in an automobile accident and suffered physical injuries. The accident was caused by Rashad's negligence. Khalid threatened to file a lawsuit against Amber Trucking Company, Rashad's employer, claiming $50,000 for pain and suffering, $25,000 for loss of income, and $100,000 in punitive damages. Amber's insurance company will not pay punitive damages; therefore, Amber has offered to settle the case for $120,000 for pain and suffering, $25,000 for loss of income, and nothing for punitive damages. Khalid is in the 35% marginal tax bracket. What is the after-tax difference to Khalid between Khalid's original claim and Amber's offer
Answer:
$5,000
Explanation:
Amber offer = 120,000 + 25,000 = $145,000
Original claim = ($50,000 + $25,000) + [$100,000 × (1 - 0.35) = $140,000
Difference = $145,000 - $140,000 = $5,000
So, the after-tax difference to Khalid between Khalid's original claim and Amber's offer is $5,000
Expert Manufacturing reported the following: Revenue Beginning inventory of direct materials, January 1, 2015 Purchases of direct materials Ending inventory of direct materials, December 31, 2015 Direct manufacturing labor Indirect manufacturing costs Beginning inventory of finished goods, January 1, 2015 Cost of goods manufactured Ending inventory of finished goods, December 31, 2015 Operating costs How much of the above would be considered period costs for Expert Manufacturing?
Answer:
$153,000
Explanation:
Note: The full question is attached as picture below
All the operating expenses which are associated with the business on a day-to-day basis or on a period-to-period basis is called period costs, and it generally includes the costs and expenses (excluding non-operating expenses) incurred during the business operation of the given period. Here, in the given balance sheet $153,000 of operating costs are period costs.
Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 140 units from beginning inventory and 270 units from the March 5 purchase; the March 29 sale consisted of 120 units from the March 18 purchase and 160 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)
Answer:
FIFO $19,700
LIFO $18,160
Average Cost $19,061
Specific Identification $18,490
Explanation:
Sales Revenue is $52,246.
Cost of goods sold is different for all four methods:
FIFO $32,546
LIFO $34,086
Avg Cost $33,185
Special Identification $33,756
Assume that on July 1, Jerome, Inc., paid $100,000 to buy Potter's 8 percent, two-year bonds with a $100,000 par value. The bonds pay interest semiannually on December 31 and June 30. Jerome intends to hold the bonds until they mature. Complete the necessary December 31 entry to record.
Answer:
Dr Potter's 8% Bonds 100000
Cr Cash 100000
Dr Cash 4000
Cr Interest from Bonds 4000
Explanation:
Preparation of the journal entry to Complete the necessary December 31 entry to record
July, 1
Dr Potter's 8% Bonds 100000
Cr Cash 100000
(Being 8% Bonds purchased)
December, 31
Dr Cash 4000
Cr Interest from Bonds 4000
(100,000*8%*1/2)
(Being Interest received on 8% Bonds)
When giving feedback, you should get directly to the point.
True
or
False
Answer:
It is completely false
Explanation:
Because you should first tell the reason
